Bitcoin Price Drops Below $94,000 Amid Downside Correction
Bitcoin Price Correction Overview
- Bitcoin price is correcting from the $95,000 zone, currently below $94,000.
- Potential test of support at $91,200 in the near term.
- Price trades below the 100 hourly Simple Moving Average.
- Resistance forming at $94,000; clearing $94,200 could initiate another increase.
Current Price Action
- Recent high reached $95,348 before a downside correction began.
- Lowest point observed at $92,900, with consolidation below the 23.6% Fib retracement level.
- Immediate resistance near $93,650; key resistance points at $94,000 and $94,150.
- A close above $94,150 may lead to further gains toward $94,500 and $95,500.
Downside Risks
- If unable to surpass $94,000, Bitcoin may decline further.
- Immediate support at $92,800; major support levels at $92,000 and $90,500.
- Main support located at $90,000.
Technical Indicators
- Hourly MACD indicates bearish momentum.
- Hourly RSI below 50 suggests potential continued weakness.
